Of cardano the tech company behind Input Output, Ethereum (ETH) announced a new feature that will act as a bridge between its network and its network. According to the post published by Input Output, now ERC-20 based tokens can be used directly in the Cardano network.
The Anticipated Process Begins for Cardano
In the statement made by IOHK, Ethereum network based AGI It was stated that ERC-20-based tokens such as, can be used in Cardano’s Proof-of-Stake-based network, and this will soon complete the test network process. Although Ethereum is currently the most used blockchain network in the world, it has actually experienced a significant increase in transaction fees due to this exact situation. Increasing transaction fees in the Ethereum network caused investors to turn to other networks.
Networks like Binance Smart Chain, Polkadot, and Cosmos were already bridging the Ethereum network, while Cardano, one of the biggest competitors, was late. While verbatim versions of tokens on the Ethereum network can be used in other networks, the Cardano network has not taken steps towards this feature until now. Now, it has been stated that a similar feature will be implemented in the Proof-of-Stake network based Cardo network.
Singularity.net’s cryptocurrency called AGI is launched on the Ethereum network, but with Cardano’s converter on the test network. “AGIX” will be processed in the form. Users will be able to test this on Cardano and Ethereum’s test network “Hive” for now, and if approval is received, the main network process will begin.